The evolution of Nb precipitates in a low-alloyed steel at 973 K (700 °C) as a function of strain and subsequent dwell time is studied via atom-probe tomography (APT) and transmission electron microscopy. The results show that the volume fraction of the precipitates increases with increasing accumulated deformation because deformation-induced dislocations act as nucleation sites. The chemistry of these precipitates which are Nb carbonitrides changes with the dwell time after the deformation step. With increasing time, the C fraction increases. The precipitation analysis by APT in the austenite and the ferrite reveals that precipitates in the ferrite are larger and exhibit a higher C fraction compared to the precipitates in the austenite after the same thermo-mechanical treatment. The investigations also show that the volume fraction of Nb carbonitrides in the ferrite is higher than in the austenite.